- Gentrification is a process of renovation and revival of deteriorated urban neighborhoods by means of influx of more affluent residents, which results in increased property values and the displacing of lower-income families and small businesses
Gentrification Net worth 2024 (estimated)
| | How much is Gentrification worth? | Under review
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Gentrification facts
- This is a common and controversial topic in urban planning
- Gentrification may be viewed as "correction" of blockbusting and urban flight as many gentrified neighborhoods of the present were once affluent neighborhoods of the past
- Gentrification is typically the result of increased interest in a certain environment
- Early "gentrifiers" may belong to low-income artists or boheme communities, which increase the attractiveness and flair of a certain quarter
- Further steps are increased investments in a community and the related infrastructure by real estate development businesses, local government, or community activists and resulting economic development, increased attraction of business and lower crime rates
- In addition to these potential benefits, gentrification can lead to population migration
- In a community undergoing gentrification, the average income increases
- Poorer pre-gentrification residents who are unable to pay increased rents or property taxes may find it necessary to relocate
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